Search results for

The privatization of infrastructure in the Middle East is taking private sector developers, investors and governments into uncharted but potentially profitable territory. By Martin Amison of Trowers & Hamlins, London

US firm Shearman & Sterling has changed the name of its Budapest office. Hungarian legislation requires the firm to set up a separate Hungarian firm made up of its Hungarian lawyers. The firm is called Bán, S Szabó & Partners and is headed by Chrysta Bán. He is assisted by Péter Szabó, who joins from rival Bogsch & Partners. The firm will continue to cooperate with Shearman & Sterling. John Baltay, head of Shearman & Sterling's Budapest office since 1992, becomes international counsel to the new firm.

General Telecommunications bill

UK firm Freshfields has lost out to rival Linklaters & Paines in a ranking of firms advising on public takeovers in the UK. The table, published by Acquisitions Monthly, places Freshfields third in its top 20 survey. In 1995 Freshfields advised on 31 deals worth a total of £32.2 billion (US$51 billion), while in 1996, it advised on 17 deals amounting to only £9.5 billion. However, the table reveals that in 1996 both the value and number of deals decreased significantly overall. The results put Linklaters & Paines top with £19 billion-worth of deals. Slaughter and May remained in second place, with deals worth £16.3 billion, although it had advised in six more deals than Linklaters. Ashurst Morris Crisp leapt from 13th place to fourth, advising on 15 deals worth nearly US$9 billion. Other big changes in the rankings came from Macfarlanes, which jumped from 14th place to seventh and Simmons & Simmons which slipped four places.

With less than five months to go before it returns to Chinese control, Hong Kong is enjoying a surge in the property and securities markets as well as in the overall economy. Confidence is running high. Paul Lee reports

• US firm Cadwalader, Wickersham & Taft has appointed Lawrence Fruchtman. He joins from National Westminster Bancorp, where he specializes in domestic and international banking regulation. He has also worked at the Federal Reserve Bank of New York.

Peter Erwe and Peter Waltz of Oppenhoff & Rädler, Frankfurt, report that investment firms from other EU member states can now take advantage of the single passport under the Investment Services Directive in spite of delays in its implementation into German law

The income tax liability of a recipient of profits on the disposal of assets has long been a grey area of income tax law. Problems arise when trying to distinguish between taxable income and non-taxable capital gains. The recent decision of the Privy Council in Rangatira Limited v The Commissioner of Inland Revenue provided an opportunity to clarify the law in this area. Hence the decision had been keenly awaited by the New Zealand investment market.

US rail services company CSX is seeking to merge with US freight railroad Conrail, in a cash and share deal worth US$9.4 billion. The merger would create one of the largest freight transportation and logistics companies. Conrail is also facing a US$10 billion hostile bid from Norfolk Southern Corporation, a rail network company.

Dutch financial services company Aegon is buying the insurance operations of Providian Corporation in a US$2.62 billion stock transaction. It is the largest acquisition in the life insurance industry.